DALLAS, TX / ACCESSWIRE / February 10, 2021 / According to a new market report published by Lucintel, the future of the global composite cylinder market looks promising with opportunities in gas carriers & storage, transportation, life support, and recreation industries. The global composite cylinder market is expected to decline in 2020 due to global economic recession led by COVID-19. However, market will witness recovery in the year 2021 and it is expected to reach an estimated $0.8 billion by 2025 with a CAGR of 1% to 3% from 2020 to 2025. The major drivers for this market are increasing number of natural gas vehicles (NGVs) and growing demand for lightweight cylinders with higher pressure requirement and greater gas carrying capacity per cylinder.
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In this market, different types of composite cylinder such as Type II, Type III, and Type IV are used as tank type. Lucintel forecasts that type III cylinders will remain the largest segment by value and Type IV by volume. The type IV cylinder segment is expected to witness the highest growth over the forecast period due to the growing demand for lightweight cylinders.
Within composite cylinder market, transportation will remain the largest end use industry by value and gas carrier & storage by volume. Transportation segment is also expected to witness highest growth over the forecast period due to the expected growth in the demand for bulk transportation cylinders and unavailability of proper gas pipeline infrastructure
Europe is expected to remain the largest market for composite cylinder due to the higher acceptance level and increasing use of lightweight cylinders.
Emerging trends which have a direct impact on the dynamics of the industry include the increase in green fleet and development of type V tanks. Hexagon Composites, Luxfer Gas Cylinder, Quantum Technologies, Worthington Cylinders, Time Technoplast, Faber Industries S.p.A., Beijing Tianhai Industry Co., and Ullit and others are among the major composite cylinder manufacturers.
Lucintel, a leading global strategic consulting and market research firm, has analyzed the global composite cylinder market by end use industry, tank type, composite demand by fiber type, and region and has come up with a comprehensive research report entitled "Growth Opportunities in the Global Composite Cylinder Market 2019-2025: Trends, Forecast, and Opportunity Analysis." The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global composite cylinder market by end use industry, tank type, composite demand by fiber type, and region as follows:
Composite cylinder market byend use Industry [Volume (Thousand Units) and Value ($ Million) from 2014 to 2025]:
- Gas Carriers and Storage
- Life Support
- Recreation and Others
Composite cylinder market by tank type [Volume (Thousand Units) and Value ($ Million) from 2014 to 2025]:
- Type II
- Type III
- Type IV
Composite consumption by fiber type [Volume (Million lbs) and Value ($ Million) from 2014 to 2025]:
- Glass Fiber Composites
- Carbon Fiber Composites
- Aramid Fiber Composites
Composite cylinder market by region [Volume (Thousand Units) and Value ($ Million) from 2014 to 2025]:
- North America
- Rest of the World
This 136-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link email@example.com.
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
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